Global Economy Gonjang-jing, BI Prepares Five Steps To Face Slowdown

Illustration (Photo: Doc. Antara)

JAKARTA - Bank Indonesia (BI) is said to continue to encourage the development of a quality research ecosystem to advance innovation and strengthen policy synergies.

BI Governor Perry Warjiyo said that the importance of synergy and innovation is the key in strengthening policies to accelerate sustainable economic growth.

"Bank Indonesia is committed to bridging and stimulating more innovative thinking and becoming a pioneer in the formulation of better policies," he said in a written statement quoted on Monday, September 18.

Responding to these various challenges, Perry conveyed five policy responses that need to be encouraged. First, strengthening an integrated policy mix includes monetary, macroprudential, payment systems, inclusive finance, and green policies.

"Second, the development of downstreaming has high added value to support food security, energy and other natural resources to support national economic resilience," he said.

Third, opening trade and investment cooperation with a profitable scheme, optimizing downstreaming, and being able to empower sustainable economic growth sources.

Fourth, adopt the latest technology while still paying attention to potential risks. For example, Bank Indonesia applies technological innovations to payment system features with the concept of One Language (QRIS and open API), One Nation (connectivity between payment system service provider infrastructure), and One Nusa (BI Fast and CBDC), "he said,

And the fifth is the fifth, improving the quality of education, training including the formation of superior human resource characters, for example through digital-based vocational programs.